Credit, Collections & Insolvency News
Despite a return to normal for many economies in 2022, insolvencies are set to rise according to trade credit insurer, Atradius. The company predicts that the global economy will emerge gradually from the Covid pandemic in 2022, with restrictions unwound in most countries and regions. But despite a return to normality for many, Atradius reports…
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Compulsory liquidations of struggling businesses have increased by 76% from 139 to 245 in the last three months according to new research by Mazars. The company predicts that there will be even more liquidations are expected in the next three months as the last temporary government measure to protect companies from insolvency during the pandemic…
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Latest figures from the Insolvency Service have indicated that the number of business insolvencies in England & Wales more than doubled year-on-year last month, with 1,515 business insolvencies in February. The increase was 121.2% compared to February 2021’s figure of 685. They were also 12.6% higher than in February 2020 (1,346). The increase in company…
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Latest figures from Accountant in Bankruptcy (AiB) has indicated that business insolvency numbers (liquidations and receiverships) in Scotland nearly tripled in February. In February 2022 there were 73 business insolvencies registered in Scotland, 181% (2.8 times) higher than February 2021 but 15% lower than in February 2020. The business insolvencies comprised of 10 compulsory liquidations,…
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Latest statistics from the Insolvency Service have indicated that Northern Irish business and personal insolvency figures increased the latest quarterly figures. In February 2022 there were 18 business insolvencies registered in Northern Ireland, this was over three times as many as in February 2021, but 33% lower than February 2020. The insolvencies comprised of 10…
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January 2022 saw yet another rise in the number of corporate insolvencies, as UK companies continue to face a number of challenges on the back of the Covid-19 pandemic. According to recently published Government data, 1,560 company insolvencies were registered in January 2022, more than double the number in January 2021 (758). This figure is…
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Latest figures from Accountant in Bankruptcy (AiB) has indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in January. In January 2022 there were 51 company insolvencies registered in Scotland, 122% (2.2 times) higher than January 2021 and 30% lower than in January 2020. The insolvencies comprised of 14 compulsory liquidations, 34 CVLs…
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Latest statistics from the Insolvency Service have indicated that Northern Irish business and personal insolvency figures increased the latest quarterly figures. In January 2022, there were 18 business insolvencies registered in Northern Ireland, six times as many as in January 2021, but 31% lower than January 2020. The insolvencies comprised of two compulsory liquidations, 12…
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Latest figures from the Insolvency Service have indicated that the number of business insolvencies in England and Wales doubled year-on-year last month, with 1,560 company insolvencies in January. The business insolvency numbers were up from 758 in January 2021 and exceeded the pre-pandemic total of 1,508 recorded in January 2020. Business insolvencies increased by 4.8%…
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The food and beverages output is forecast to grow by more than 3% in 2022, but the outlook for food producers and processors is less positive according to a recent report from trade credit insurer Atradius. The report outlines how the UK food and beverages market rebounded after a 5.3% contraction in 2020. Last year…
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The Financial Services Compensation Scheme (FSCS) has named 12 firms to be in default and out of business, including one credit union and one mortgage adviser firm. All Flintshire Credit Union and mortgage advisor firm, Midland Independent Financial service (formerly The Mortgage Shop) are listed amongst the 12 firms the FSCS believes are unable to…
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Annual business insolvency figures statistics for England and Wales from the Insolvency Service have indicated that there were 14,048 underlying corporate insolvencies in 2021, an increase of 11.2% from 2020’s figure of 12,634, but a fall of 18.2% on 2019’s figure (17,166). The increase compared to 2020 was driven by the highest annual number of…
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Latest figures from Accountant in Bankruptcy (AiB) has indicated that business insolvency numbers (liquidations and receiverships) in Scotland for the year ended 31st December 2021 were 17.9% higher than in the year ended 31st December 2020, at 704 (2021) against 597 (2020). Whilst the number of business insolvencies (liquidations and receiverships) in Scotland rose by…
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